The United States is headed into another Great Depression and has probably dragged the rest of the world along with it. The global financial system will look very different by the time we reach the other end of the tunnel. Continue

If what happened last night is any indication of what is in the future for America, we may as well brace for it. There was no mention of civil liberties being returned to Americans, no lessoning of the military budget that brought us into this debt, along with the declining housing market. Continue

Central banks cut interest rates: The US Federal Reserve on Wednesday cut its key interest rate by half a percentage point, as did the European Central Bank, Bank of England and Swiss, Canadian and Swedish central banks.

Bush to America: Hang in there: President Bush on Tuesday told a country engulfed by dire economic news that it should not expect a sudden recovery, but rather a gradual rebound that will test people's patience.

Retirement accounts have lost $2 trillion so far: Americans' retirement plans have lost as much as $2 trillion in the past 15 months — about 20 percent of their value — Congress' top budget analyst estimated Tuesday as lawmakers began investigating how turmoil in the financial industry is whittling away workers' nest eggs.